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Web3 Foundation COO on crypto and regulation: Policymakers should be involved

 


The Web3 Foundation is one of the companies behind the Polkadot blockchain. Its COO Bertrand Perez now said that a certain level of regulation is necessary in the crypto space, but those responsible must also leave room for innovation.


Speaking to Cointelegraph at the Paris Blockchain Week Summit on Wednesday, Perez said he sees some areas of concern regarding the regulation of the space. He mentioned, for example, the European Parliament’s draft law on unhosted wallets. But overall, industry players would try to help policy makers understand Web3. According to the Web3 Foundation's COO, some lawmakers are still making decisions "too quickly or without educating themselves about the space." However, the 2019 Facebook-backed project may have been the catalyst many in the EU needed to understand that a legal framework is urgently needed.


"We have to be aware that we have to evolve, because we move in a world where regulation is not necessarily a bad thing," said Perez. "You need some level of regulation to be protected, right? The key is where you draw the line. We're trying to help draw the line where it makes sense for regulators to take it off." In their view, there are sufficient framework conditions and protective measures and at the same time innovation growth is still possible."



The Web3 Foundation COO added that the image of cryptocurrencies as a means of payment for illicit activities is one of the main issues legislators are being swayed by. Once proven wrong, Perez said regulators could "dig deeper into the technology" and capture various features and applications in a framework:


I think it is important that political decision-makers are involved in this. It shouldn't just be the regulators, because the policy makers are the real representatives of the people. I would tell them that we are at a real paradigm shift here in terms of technology, that we may be doing something bigger than the internet and that the value that can be created from it is at least equal to the value of the internet. 


Perez was a former senior director at PayPal and general director of the Libra Association, and joined the Web3 Foundation in September 2021. Ethereum co-founder and Polkadot and Kusama creator Gavin Wood coined the term Web3 in 2004 and chairs the foundation. He claims to have developed blockchain bridges and other parachains for the project.

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